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10 Years of PM JAN Dhan Yojana: Benefits & Achievements (Part 1)
The PMJDY was a flagship program by Govt. of India launched on August 28, 2014, as a national mission for financial inclusion. The Prime Minister announced the scheme in his first Independence Day address on August 15, 2014.
PMJDY has been a key step toward financial empowerment and inclusion for millions, ensuring that even the unbanked have access to banking services. Watch this video to learn more about the objectives and impact of this transformative initiative!
From this video you will be able to cover
What and how you should cover current Affairs.
Why PM JAN DHAN YOJANA is important.
What is "Financial Inclusion".
What is Overdraft.
What is DBT.
This video provides an in-depth analysis of the achievements and challenges of the Pradhan Mantri Jan-Dhan Yojana (PMJDY), one of India's largest financial inclusion programs. Since its inception, PMJDY has made remarkable strides in ensuring access to financial services for millions of underserved individuals.
Key Achievements:
Account Expansion: From 147 million accounts in 2015 to 520 million in 2024.
Deposit Growth: Deposits grew from ₹15,600 crore in 2015 to ₹2.32 trillion in 2024, with a CAGR of 30%.
Rural-Urban Reach: 66.6% of accounts are in rural and semi-urban areas, and 55.6% of account holders are women.
Boost to Digital Payments: UPI transactions surged from 920 million (FY 2018) to 131.2 billion (FY 2024).
Direct Benefit Transfers: Over $361 billion transferred directly to beneficiaries.
Overdraft Access: ₹190 crore sanctioned under the overdraft facility with 80.5% limit utilization.
Challenges:
Multiple Accounts: Many people open multiple accounts, leading to inefficiency.
Economic Burden on Banks: Low-balance accounts strain banking resources.
Money Laundering Risks: Accounts are sometimes misused for illegal activities.
Declining Overdraft Facility: Banks often decline overdraft requests, defeating the scheme's purpose.
Financial Literacy: 65% of Indians still lack financial literacy, impacting the effective use of PMJDY accounts.
Watch this video for a detailed discussion on how PMJDY has transformed financial inclusion in India and the challenges that need to be addressed for its continued success.
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